U.S. President Joe Biden on Monday nominated Federal Reserve Chair Jerome Powell for a second four-year term, positioning the former investment banker to continue the most consequential revamp of monetary policy since the 1970s and finish guiding the economy out of the pandemic crisis.
Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice chair, the White House said.Combined, the nominations pair two monetary policy veterans and collaborators on a recent overhaul of Fed policy, which shifted the emphasis to jobs from the preeminent focus on inflation established some four decades ago, to keep U.S. job growth underway while also ensuring recent strong inflation doesn't become entrenched.
That reassessment could mean interest rate increases coming sooner than later if inflation proves more persistent than expected. A recent run of inflation has added to the uncertainty - and the political risks that the White House might have taken on in switching gears. Powell, who joined the Fed as a governor in 2012, did not anticipate being named chair when Donald Trump was elected. With a pre-Fed career that had included eight years as a partner at The Carlyle Group, one of the world's largest private equity firms, and no formal economics training, he had instead eyed the vice chair for supervision position eventually filled by Randal Quarles.
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